The Race To Be The Biggest Resale Site In The World Is Heating Up

by MR Magazine Staff

bout halfway through our conversation, StockX founder Josh Luber tells me something that sounds impossible. “Three years ago, [sneaker and streetwear resellers] StockX, GOAT, Stadium Goods didn’t exist,” he says. “Now, all three of those are worth at least $150 million.” A small amount of Googling reveals that Luber’s right, somehow. Crazier still: Grailed was founded only a year earlier, took on $15 million in investment this year, and is now in the neighborhood. Up until this point, StockX, which Luber says is “considerably bigger” than the other platforms, has “only” taken on $6 million in investment. That changes today, as StockX is getting a company-changing $44 million investment. The money comes from Google’s investment arm GV and Battery Ventures, plus a couple names you might recognize, like Don C, Steve Aoki, and Karlie Kloss. (Eminem, Mark Wahlberg, and Scooter Braun are already invested.) The $44 million investment is just a piece of the massive pool of cash large firms are throwing at the sneaker and streetwear resale space. Goat picked up $60 million earlier this year. LVMH’s investment company put an undisclosed but presumably ungodly amount into Stadium Goods. Zoom out just a little and you can see just how aggressively firms are pursuing brands and companies in the sneaker and streetwear business. And if Supreme is now worth $1 billion, it’s not hard to see why investors are flocking to companies that sell Supreme—with way less overhead. Read more at GQ.